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Elliott Wave Analysis: EURUSD Trading In A Temporary Setback; More Weakness To Follow
EURUSD is higher but we see pair in a corrective rise away from 1.0570 area. Ideally that's wave 2) as part of a downtrend if we consider that pair found a top at 1.0904 back in March after only three waves of recovery from January lows. As such, we will be looking south for a new drop down to 1.0500 area, but it would be nice to see an intraday turn back to 1.0650 to confirm that current rally is finished. Invalidation level is at 1.0904; as long this one holds the trend is down.
EURUSD, 4H
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Author: Gregor Horvat
Gregor Horvat
www.ew-forecast.com
Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of www.ew-forecast.com, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on: SafeHaven.com, FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At www.ew-forecast.com he helps clients and educate them about the Elliott wave prinicple and how to label and track unfolding patterns in real time. His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty however is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators.
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